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Non-Tech : Marchex, Inc.

MCHX 1.640

-0.6%

Jan 30 9:30 AM EST

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To: playavermont who wrote (1)	12/21/2003 10:22:05 AM
From: playavermont	of 159

It looks as though Russell will own in the neighborhood of 40% of the outstanding stock after the IPO. Currently he owns 47%...as you would expect. As of Dec. 8th.... it looks as though they have approximately 20.3 Million shares outstanding PRIOR to the IPO. Assuming an IPO of $10 per share they will probably issue roughly 3.5 Million shares. Post IPO = 23.8 Million shares outstanding. Float of less than 4 Million. Russell will own roughly 9.5 Million shares. This represents approximately 40% of the post IPO shares outstanding. If my math is right... he will instantly create $95.5 Million in personal wealth. The current company (Enhance & Trafficleader) will do approximately $28 Million in REVENUE year end December '03. Probably do $45 to $50 Million in REVENUE in '04. Russell has a $95 Million stake in March of '04? Pretty good work if you can get it. If they are going to truly grow into a fine investment then 3 things have to occur. 1. They need to acquire companies at a fairly high rate of speed at relatively good prices... 2. they need to grow these business in a complimentary manner post acquisition... 3. Raise MUCH more than $35 Million within the next 12 months.

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